{"id":7863,"date":"2017-08-25T00:00:00","date_gmt":"2017-08-25T00:00:00","guid":{"rendered":"https:\/\/www.westwoodenergy.com\/westwood-global-energy-group-sees-global-recovery-land-drilling-makes-global-land-rigs-data-available-first-time\/"},"modified":"2022-09-07T02:50:24","modified_gmt":"2022-09-07T01:50:24","slug":"westwood-global-energy-group-sees-global-recovery-land-drilling-makes-global-land-rigs-data-available-first-time","status":"publish","type":"post","link":"https:\/\/www.westwoodenergy.com\/news\/westwood-global-energy-group-sees-global-recovery-land-drilling-makes-global-land-rigs-data-available-first-time","title":{"rendered":"Westwood Global Energy Group sees Global Recovery in Land Drilling, Makes Global Land Rigs Data Available for First Time"},"content":{"rendered":"<ul>\n<li>The first half of 2017 shows the start of a recovery in the global land drilling market, according to figures from Westwood Global Energy Group (Westwood)<\/li>\n<li>It predicts that the global number of rigs drilling will increase at a seven per cent compound annual growth rate (CAGR), over the period to 2021<\/li>\n<li>The recovery is being led by North America, but Latin America is forecast to grow by five per cent CAGR (2017-2021) and rig demand in North Africa and the Middle East (MENA) is expected to grow<\/li>\n<li>The trend towards more efficient, higher spec rigs will create opportunities for component makers and equipment manufacturers<\/li>\n<li>Westwood has launched a unique Global Land Rigs tool giving access to international rig data, including hard-to-reach markets<\/li>\n<\/ul>\n<p><strong>\u00a0<\/strong><\/p>\n<p><strong><em>\u00a0(Aberdeen, UK)<\/em><\/strong><strong> \u2013 25 August 2017 \u2013 <\/strong><strong>First half figures from<\/strong> <strong>Westwood Global Energy Group (Westwood), the energy market research consultancy, shows that the recovery in the global land drilling market, led by North America, is being sustained. <\/strong>\u00a0The drive, both in the US and internationally, for wells with longer laterals and multiple wells drilled efficiently from larger pads is creating demand for high-horsepower, modern rigs that can minimise time between each well.<\/p>\n<p><strong>Westwood\u2019s analysis shows that the number of rigs drilling around the world is predicted to increase by seven per cent CAGR over the next five years. \u00a0It expects the <\/strong>global capable fleet size to rise by 154 units over 2017-2021, with North America accounting for 39 per cent of this growth.<\/p>\n<p>Outside North America, the number of rigs drilling in Latin America is forecast to rise at a five per cent CAGR through to 2021, following a significant decline in drilling activity over 2014-2016. \u00a0This is being driven by a resumption of stalled activity in Mexico, the development of the Vaca Muerta shale play in Argentina and the development of the ITT project and the Olgan field in Ecuador. Rig demand in North Africa and the Middle East (MENA) is expected to grow with the regional capable fleet forecast to increase by 43 units over 2017-2021.<\/p>\n<p>With data on countries outside North America remaining extremely difficult to track, Westwood has launched a <a href=\"https:\/\/www.westwoodenergy.com\/research\/global-land-rigs\/\">Global Land Rigs tool<\/a>, giving online access to its database of 8,000 land rigs around the world. \u00a0Covering 345 drilling contractors across 76 countries, it enables users to identify and search for information on individual rigs and contractors.<\/p>\n<p><strong>Steve Robertson, Head of Research, Oilfield Services, at Westwood Global Energy Group, comments<\/strong>: \u201cThere are many trends at play in this market. \u00a0Whilst weekly movements in North America dominate the headlines, we expect significant growth in other territories such as South America and the Middle East, creating opportunities for operators, contractors and equipment manufacturers. \u00a0However, until now it has been notoriously difficult to get information on what\u2019s happening on the ground there.<\/p>\n<p>\u201cThe market outside the USA is inherently more complex \u2013 we see a mix of ownership between specialist contractors and E&amp;P companies and a trend towards consolidation of smaller contractors, a number of which have previously been subsidiaries of E&amp;P companies. \u00a0Recently, we have been supporting a number of E&amp;P companies and OEMs to help them understand the nature and ownership of rig fleets in difficult-to-access countries.\u201d<\/p>\n<p>\u201cThe needs of the market are changing. \u00a0Efficiency and speed is critical when many projects are on the brink of becoming commercially viable. \u00a0This is driving a preference for more sophisticated, higher spec rigs, with specific component requirements varying by region but also by operator.<\/p>\n<p>\u201cWe have a first-hand insight into this market, based on gathering data from operators, contractors and manufacturers over 11 years. \u00a0This means that we can supply not only a demand forecast for land rigs, but can now also inform our clients on what\u2019s happening on the ground.\u201d<\/p>\n<p>To discover more about Global Land Rigs or to book a demonstration visit <a href=\"https:\/\/www.westwoodenergy.com\/research\/global-land-rigs\/\">https:\/\/www.westwoodenergy.com\/research\/global-land-rigs\/<\/a>.<\/p>\n<p><a href=\"https:\/\/www.westwoodenergy.com\">Westwood Global Energy Group<\/a> is headquartered in Aberdeen with offices in London, Houston and Singapore and has over 60 employees.<\/p>\n<p>&#8211; Ends \u2013<\/p>\n<p><strong>For media enquiries please contact: &#8211;<\/strong><\/p>\n<p>&nbsp;<\/p>\n<p>Victoria Roe<\/p>\n<p>Flourish PR Ltd<\/p>\n<p>Tel: +44 (0)7967804140 or 01628 882 610<\/p>\n<p>Email: <a href=\"mailto:victoria@flourishpr.co.uk\">victoria@flourishpr.co.uk<\/a><\/p>\n<p>&nbsp;<\/p>\n<p>OR<\/p>\n<p>&nbsp;<\/p>\n<p>Harriet Subramanian<\/p>\n<p>Flourish PR Ltd<\/p>\n<p>Tel: 01628 882 610 \/ 07949 626375<\/p>\n<p>Email: <a href=\"mailto:press@flourishpr.co.uk\">press@flourishpr.co.uk<\/a><\/p>\n<p>&nbsp;<\/p>\n<p><strong>Notes to Editors<\/strong><\/p>\n<p><strong>\u00a0<\/strong><\/p>\n<p><strong>About Westwood Global Energy Group <\/strong><\/p>\n<p><strong>\u00a0<\/strong><\/p>\n<p>Westwood Global Energy Group is a leading provider of market research and consulting services for the global energy industry. Its independent insight through research-led consulting, data analysis and subscription services helps clients in the oil and gas sector make better commercial and strategic decisions.<\/p>\n<p>Westwood Global Energy Group (formerly named Energy Software Intelligence Analytics) was formed in January 2015 by Energy Ventures, an energy specialist private equity firm with a vision to build a leading player in the business intelligence and market analytics space.\u00a0 Following an active period of acquisitions in 2015 the group has acquired the operations of Hannon Westwood, Novas Consulting, Richmond Energy Partners, Douglas Westwood and Energent Group Software LLC.\u00a0 With these acquired companies, along with a licensing agreement with JSI Services, the Group has assembled a unique market position in the Upstream E&amp;P market covering both the operator and the supply chain perspectives.\u00a0 The company has more than 600 customers, including many of the world\u2019s largest organisations as well as regional players and investors. To learn more, please visit www.westwoodenergy.com.<\/p>\n<p>Westwood Global Energy Group headquartered in Aberdeen and has offices in London, Houston and Singapore.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The first half of 2017 shows the start of a recovery in the global land&#8230;<\/p>\n","protected":false},"author":1,"featured_media":9668,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[48,50],"tags":[],"class_list":{"0":"post-7863","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-news","8":"category-press-releases"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Westwood Global Energy Group sees Global Recovery in Land Drilling, Makes Global Land Rigs Data Available for First Time - Westwood<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.westwoodenergy.com\/news\/westwood-global-energy-group-sees-global-recovery-land-drilling-makes-global-land-rigs-data-available-first-time\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Westwood Global Energy Group sees Global Recovery in Land Drilling, Makes Global Land Rigs Data Available for First Time - 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